The number of ships potentially suitable for recycling is estimated to exceed 15,000 by 2032

It is estimated that more than 15,000 ships could be recycled in the next ten years, a significant increase of more than 100 per cent compared to the previous decade. This highlights the importance of ratifying and implementing the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, which aims to reduce risks to human health, safety and the environment.

Ship recycling plays a crucial role in the circular economy, especially as recycling steel in electric arc furnaces emits fewer greenhouse gases than crude steel production.

India, Turkey, Bangladesh and Pakistan are the leaders in ship recycling, accounting for a significant share of the deadweight capacity and number of ships recycled in the last five years.

Ships built in the 2000s are expected to be the primary source of recycling in the next decade, given their higher capacity compared to previous decades. With older vessels retiring earlier due to stricter greenhouse gas emission limits, it is estimated that around 15,000 vessels and 600 million deadweight tonnes will be recycled between 2023 and 2032.